>>> Europe : Brokers Upgrades & Downgrades - 15th of September 2015

>>> Up
*ACCIONA RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*BALOISE RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*ELIA RAISED TO BUY VS NEUTRAL AT GOLDMAN
*GLAXO RAISED TO NEUTRAL FROM UNDERPERFORM AT EXANE
*LONMIN RAISED TO NEUTRAL VS SELL AT UBS
*SAP RAISED TO OVERWEIGHT AT JPMORGAN
*UBM RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN

>>> Down
*DAILY MAIL CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*FORTUM CUT TO NEUTRAL VS BUY AT GOLDMAN
*HENDERSON CUT TO NEUTRAL VS BUY AT GOLDMAN; PT A$6.25
*INMARSAT CUT TO SELL VS HOLD AT BERENBERG
*MONDI CUT TO SELL VS NEUTRAL AT GOLDMAN
*PZU CUT TO HOLD VS BUY AT SOCGEN
*RIGHTMOVE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*SMA SOLAR TECHNOLOGY CUT TO NEUTRAL VS BUY AT CITI
*SOPRA STERIA GROUP CUT TO HOLD AT HSBC
*ZODIAC AEROSPACE CUT TO UNDERPERFORM VS BUY AT BOFA
*ZODIAC AEROSPACE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

>>> PT Change


>>> Initiation
*ENDESA RATED NEW OUTPERFORM AT CREDIT SUISSE; PT EU21.3
*DASSAULT AVIATION RATED NEW BUY AT CITI
*PEARSON RATED OVERWEIGHT VS NOT RATED AT JPMORGAN
*TELE COLUMBUS RATED NEW BUY AT CITI
*ZALANDO RATED NEW BUY AT BERENBERG; PT EU35

>>> Call